The senior debt funding round of £100m was led by NatWest, with Hampshire Trust Bank joining to create a £160m senior debt facility for the business. LC Nueva and Auluk Investment led equity funding of £8m
The debt and equity round will support the growth of its team and customer base, as well as investment into new features and products.
The senior debt funding round of £100m was led by NatWest, with Hampshire Trust Bank joining to create a £160m senior debt facility for the business.
LC Nueva and Auluk Investment led equity funding of £8m. Other prominent investors include David Callard, Majlis Investments and Faber Capital.
UK-based Updraft launched in 2020 after raising £16m.
Updraft is planning its series B round soon and looking to build a £1b business over the next five years.
Aseem Munshi, chief executive officer and founder of Updraft, commented: “We are thrilled to close this latest round of funding, where our debt and equity partners have demonstrated their belief in Updraft’s team and our mission, particularly in the current macroeconomic environment.
“It is a testament to what Updraft is trying to do; provide real solutions to customers to help them find their financial freedom. We have big ambitions planned for 2023, and this recent fundraiser puts us in a great position to help even more people.”
Rob Lamont, director of financial institutions at NatWest, added: “NatWest is pleased to be supporting a business that improves financial outcomes for consumers in the UK, and Updraft does just this.
“Supplementing succinct user and lending growth strategies with the use of best-in-class risk models that outperform bureau-based credit risk models, we are confident with Updraft’s growth momentum.”